Home / Markets / Ipo /  Tega Industries IPO: GMP rises ahead of subscription opening
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Tega Industries' three-day initial public offering (IPO) will be open for public subscription tomorrow i.e., during December 1-3. The price band has been set at 443-453 a share and the upper end of the price band, the initial public offering is expected to fetch 619 crore.

As per market observers, Tega Industries shares premium (GMP) has surged to 370 in the grey market today. The company's shares are expected to list on leading stock exchanges NSE and BSE on December 13, 2021.

The IPO of Tega Industries, manufacturer of consumables for the mining industry, is purely an offer of sale 1,36,69,478 equity shares by promoters and an existing shareholder. 

As a part of the offer for sale, promoters Madan Mohan Mohanka will offload up to 33.14 lakh equity shares and Manish Mohanka will sell 6.63 lakh equity shares. In addition, Wagner, an affiliate of the US-based private equity firm TA Associates, will offload 96.92 lakh equity shares through the offer for sale. Axis Capital and JM Financial are the book running lead managers to the issue.

The Kolkata-based Tega Industries offers comprehensive solutions to marquee global clients in the mineral beneficiation, mining and bulk solids handling industry, through its wide product portfolio. Its net profit for the fiscal 2021 stood at 136 crore versus 65 crore last year, whereas total income for the period surged to 856 crore against 695 crore a year ago.

The firm has six manufacturing sites, including three in India, at Dahej in Gujarat and at Samali and Kalyani in West Bengal, and three sites in major mining hubs of Chile, South Africa and Australia, with a total built-up area of 74255 Sq. mts.

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